Property. Valuation Appraisal. Expert and responsible advice you can trust

Transcription

1 Property Valuation Appraisal Expert and responsible advice you can trust For the Attention of: Michael Alan Date: 19/12/2013 Property: 89a Essex Road, Rochester, ME2 1AX Customers: Mr A & Mrs B Omega Customers Telephone Number: H: M: aomega@gmail.com Proposal: Valuation Appraisal

2 INTRODUCTION Property Valuation Advice You Can Trust This report provides all the information and advice required to determine the likely value of the subject property. We have diligently researched all pertinent factors affecting this property and investigated in depth the local market place, including comparable for sale and sold homes. We have consulted a minimum of two local estate agents for their opinions, each have inspected the property. Confidence Please be assured that this report has been produced by a senior staff member with many years practical valuation experience, and is examined for quality of advice by a company director. Report compiled by: Darren Leggett Business Development Manager CONTENTS Photographs and Description Property Overview and Customer Information Location Map and Street Scene Recommendations, Estate Agents Opinions and +/- Factors EVIDENCE SECTION Land Registry Data Local Area Comparables Comparable Property Local Sold Levels and Valuing Estate Agents Essential Data

3 PHOTOGRAPHS AND DESCRIPTION Front Lounge Dining Room Kitchen Conservatory Master bedroom Garden ADDRESS PROPERTY TYPE AND DATE CONSTRUCTED: ACCOMMODATION 89a Essex Road Rochester ME2 1AX A built circa Lounge, dining room, kitchen, conservatory, 4 bedrooms, en suite to master bedroom, family bathroom.

4 PROPERTY OVERVIEW AND CUSTOMER INFORMATION PROPERTY OVERVIEW: Construction: Traditional cavity brick construction. Tenure (and lease details if applicable): Freehold Listed: No Original ownership: Private Extensions / major improvements: Conservatory addition in 2001 Parking: Single integral garage with parking for 2 cars Windows: Replacement double glazed Heating type: Gas central heating Gardens: Block paved front and rear laid to paving slabs Internal condition: Good External condition: Good Decorative finish: Location opinion: Good, well presented Centrally located, well requested CUSTOMER INFORMATION: Occupied by: Vendor Property on market: Yes Which estate agent & duration: O Sullivans since May 2013 Current Asking price: 285,000

5 LOCATION MAP AND STREET SCENE Location: SUBJECT Street Scene: COMMENTS / NOTES: The subject is located 4.8 miles from Rochester town centre and 7.2 miles from the nearest superstore. The area is regarded as popular, and experiences high demand.

6 RECOMMENDATIONS, ESTATE AGENTS OPINIONS AND +/- FACTORS Positive Factors: Good order internally and externally + Garage and driveway + Gas central heating + Replacement double glazed windows + Conservatory + Negative Factors: Small block paved rear garden - Electric pylons opposite - Over looked by older style property - Length of time on market - New builds in the area - VALUING AGENT RECOMMENDED 8 ACHIEVABLE MINIMUM EXPECTED WEEK ASKING PRICE VALUE PRICE 2 Move - Strood 250, , ,000 Arun Estates - Rochester 250, , ,000 O Sullivans - Strood 250, , ,000 AVERAGES: 250, , ,666 NOTE: Please refer to evidence section for these estate agents performance levels. VALUING AGENT Rental Figure 2 Move - Strood 1,500 Arun Estates - Rochester 1,200 O Sullivans - Strood 1,200 Our Recommendations RECOMMENDED COMPETITIVE ASKING PRICE 249,950 ACHIEVABLE TARGET PRICE 245,000 MINIMUM EXPECTED SALE PRICE 240,000 RENTAL RECOMMENDED PRICE: 1,200-1,500 PCM OUR OPINION: This property has been available for sale since May 2013, via O sullivans Estate Agents at 285,000. The received interest has been poor with only 8 viewing s and 0 offers with an average sold stc rate of 66% within a 3 mile radius for similar type property, we feel the present marketing figure will hinder the sale, as demonstrated. NOTE: The recommended asking, achievable and minimum expected prices are provided in good faith, after extensive research of data available at the time of this reports preparation. Market conditions can vary quickly, and property values can increase and decrease. We enjoy superior accuracy as far as our valuation advice is concerned as supported by our extensive key performance indicators, but we cannot be held responsible should a final sale figure differ from our advice, as the reasons can be considerable and variable.

7 EVIDENCE SECTION LAND REGISTRY DATA Most recent completions in postcode, subject highlighted if present. 118 Essex Road, Halling, Terraced, Freehold, Not New Build 140, May Essex Road, Halling, Terraced, Freehold, Not New Build 130, Mar Essex Road, Halling, Semi-Detached, Freehold, Not New Build 178, Oct a Essex Road, Halling, Terraced, Freehold, Not New Build 95, Aug Essex Road, Halling, Terraced, Freehold, Not New Build 132, May Essex Road, Halling, Semi-Detached, Freehold, Not New Build 124, Dec Essex Road, Halling, Terraced, Freehold, Not New Build 85, Oct Essex Road, Halling, Semi-Detached, Freehold, Not New Build 125, Oct-2008

8 LOCAL AREA COMPARABLES Local area comparables; we have investigated local properties recently and currently available and sold, selected on the criteria below. Selection Criteria: Radius of subject post code: Property types considered: 3.0 miles Houses Minimum number of bedrooms: 4+ Up to price level: 300,000 Marketed by: All agents Date from: Comparable properties relative location: NOTE: Icons indicate the centre of postcode, and not necessarily the exact location.

9 LOCAL AREA COMPARABLES CONTINUED 1 For Sale Address: Copse Close, Rochester, Kent Initial asking price: Offers Over 295,000 Available since: 29 May 2013 Notes: Larger s with double garage The subject should be less in value 2 Sold stc at 295,000 Address: Cowdrey Close, Rochester, Kent Initial asking price: Guide price 290, ,000 Available since: 15 Mar 2013 Notes: Extended - Larger then Subject The subject should be less in value 3 SUBJECT - Archived from market Address: Halling, Rochester, Kent Initial asking price: 285,000 Available since: 23 May 2013 to 15 Oct 2013 Notes: Subject - Unsold at current marketing level. Archived from market. 4 5 Sold stc at 264,500 Address: Friston Way, Rochester, Kent Initial asking price: Fixed price 270,000 Available since: 13 Jul 2013 Notes: Cul de sac positioned property - Similar size although modern build The subject should be less in value Sold stc at 248,000 Address: Roman Close, Blue Bell Hill, Chatham, Kent Initial asking price: From 240,000 Available since: 28 Mar 2013 to 02 Dec 2013 Notes: Similar sized home - Good comparable The subject should be similar in value

10 LOCAL AREA COMPARABLES CONTINUED 6 Sold stc at 248,000 Address: Tay Close, Lordswood, Chatham Initial asking price: Guide Price 250,000 Available since: Notes: Older style 4 bedroom detached The subject should be more in value 7 For Sale Address: Rugby Close, Walderslade, Chatham Initial asking price: 249,950 Available since: Notes: Older style 4 bedroom detached The subject should be more in value 8 Sold stc at 242,500 Address: Rosemount Court, Strood, Kent Initial asking price: 245,000 Available since: to Notes: 3/4 bedroom detached The subject should be more in value 9 Sold stc at 239,000 Address: Cantium Place, Snodland, Kent Initial asking price: Offers Over 245,000 Available since: to Notes: Smaller modern 4 bedroom detached The subject should be more in value 10 Sold stc at 234,000 Address: Wey Close, Lordswood, Chatham, Kent Initial asking price: 244,995 Available since: Notes: Similar aged although smaller detached house The subject should be more in value

11 LOCAL SOLD LEVELS AND VALUING ESTATE AGENTS ESSENTIAL DATA LOCAL SOLD STC LEVELS Subject postcode radius Property type Min no. of bedrooms Up to maximum price Total number available Total number sold stc Sold stc conversion % 0.5 miles House 4 290, % 1 mile House 4 290, % 3 miles House 4 290, % OUR OPINION: The local sold rate can be regarded as good, indicating good local market condition. VALUING ESTATE AGENTS ESSENTIAL DATA Company Current No. on market No. sold stc % of stock sold stc 2 Move - Strood % Arun Estates - Rochester % O Sullivans - Strood % *Streets Estate Agents % *Mann Countrywide % * not used, but included for comparable purposes

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